Japan Megabanks Launch Joint Stablecoin by 2026, Challenging USDT/USDC
Japan's top three megabanks are pooling resources to launch a yen-pegged stablecoin by fiscal year 2026, aiming for corporate settlement. This move signals a major shift towards bank-issued digital assets, directly competing with established players like Tether and Circle.
Three Japanese financial titans – MUFG, SMFG, and Mizuho – are teaming up to launch a jointly operated stablecoin. This isn't some retail fantasy; they're targeting corporate clients first, leveraging their massive enterprise customer base. Expect a yen-pegged token by the end of fiscal year 2026, with a dollar version to follow, all running on MUFG's Progmat DLT platform.